Summary
- Morgan Stanley said it launched the first spot Bitcoin exchange-traded fund (ETF) among US investment banks.
- The Morgan Stanley Bitcoin Trust (MSBT) ETF recorded more than 1.6 million shares traded, $34 million in net inflows, and a 0.14%% fee on its first day.
- On Wall Street, MSBT is expected to absorb some of BlackRock's Bitcoin ETF market share while helping bring digital assets further into mainstream finance.
Forecast Trend Report by Period
Morgan Stanley has launched the first spot Bitcoin exchange-traded fund offered by a US investment bank.
Morgan Stanley said the Morgan Stanley Bitcoin Trust, or MSBT, began trading on Aug. 8. More than 1.6 million shares changed hands during its first day, and the fund drew net inflows of $34 million. MSBT charges a 0.14% fee, the lowest among spot Bitcoin ETFs listed in the US. CoinDesk wrote that the fund could challenge BlackRock's market dominance, citing its industry-low fee and Morgan Stanley's $7 trillion asset-management network.
On Wall Street, Morgan Stanley's launch of a spot Bitcoin ETF before other major investment banks is viewed as a step toward bringing digital assets further into mainstream finance. MSBT is also expected to absorb some market share from BlackRock's Bitcoin ETF, the largest spot Bitcoin ETF on the market. Bitcoin has recently traded in a range of $66,000 to $70,000.
Kim Dong-hyun, Hankyung.com reporter, 3code@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
